June 28, 2011

  • ES hour chart with resistance levels
  • 1286 and 1293 are the resistance levels
  • 1276 will act as the immediate support
  • ES Hour has given a breakout above the resistance line in hour chart.
  • Price falling below the marked area will be negative.
  • 1286 level may act as resistance.
  • ONGC's Head and shoulders showed how a failed pattern can give a fast move in the opposite direction.
  • After breaking the neck line there was no big breakdown. The Long Shadows of the daily candles gave a hint of the reversal.
  • When price reversed above the neck line it was time to go long and longs gave good profits.
  • So when a pattern fails have plans to reverse your trade.
  • Long Shadows often shows reversals
BANK NIFTY DAILY LINE CHART
SBI DAILY CHART
  • Bank Nifty is getting into a resistance zone.
  • As shown in the first chart price has reversed many times from 11160 level on a closing basis.
  • Around 11300 price will also hit the Down Trend line.
  • So for a bigger breakout to happen price should sustain and close above 11300 Level.
  • SBI too is approaching resistance zone. So if Bank Nifty is to make a breakout Then SBI has to stay above 2353 and should make an attempt towards its 50 DMA.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore